LONDON: A British employers’ group criticised on Monday what it said would be the “beyond eye-watering” cost of the opposition Labour Party’s plans to return utilities, train companies and the Royal Mail to public ownership. The Labour Party has moved sharply to the left under its leader Jeremy Corbyn, and although it lags the ruling Conservatives in opinion polls, Brexit turmoil and the likelihood of an early election could see it take power. “The price tag for Labour’s renationalisation plans is beyond eye-watering,” CBI chief economist Rain Newton-Smith said. This view is broadly shared by the non-partisan Institute for Fiscal Studies, which said last week that focusing on the upfront cost of Labour’s plans was the wrong approach. “Economically what matters is whether these assets would be better managed by the public or the private sector,” it said.

Source: New Strait Times October 14, 2019 00:00 UTC